There are various additional ways to use your annual gift allowance, such as gifting to an individual up to £3,000 per tax year.
Using income to fund the contributions to a life policy held in trust, parents can each give up to £5,000 to each party of a marriage/civil partnership. Additionally, a lifetime gift of capital designed to maintain a dependent is exempt under certain circumstances.
Gifts to charities, political parties or for the public benefit, such as universities, national museums, and the National Trust are also exempt.
Please contact us to discuss your options further, as we are able to advise you on the best options available to suit your own personal circumstances.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax reliefs depends on individual circumstances.